December 20, 2017 / 6:09 AM / 3 months ago

VEGOILS-Palm oil edges up on slowing production outlook

    * Malaysia palm exports for Dec 1-20 down 2 pct m/m - ITS
    * Easing weakness in export demand supports market - trader

    By Emily Chow
    KUALA LUMPUR, Dec 20 (Reuters) - Malaysian palm oil futures
edged up in early trade on Wednesday, as expectations of lower
production in December and easing weakness in export demand
supported the market.   
    The benchmark palm oil contract for March delivery
on the Bursa Malaysia Derivatives Exchange rose 0.3 percent to
2,529 ringgit ($620.92) a tonne at the midday break. 
    Trading volumes stood at 12,487 lots of 25 tonnes each.
    "This month, production will be down, but the question is
how much," said a Kuala Lumpur-based trader. 
    Malaysian palm oil shipments fell 2 percent on Dec. 1-20
compared with the same period last month, data from cargo
surveyor Intertek Testing Services showed.
    The fall compares with a steep 16.6 percent decline seen in
the first ten days of December, against the same period in
    "I think full-month exports for December can be positive,"
another trader said.
    In November, Malaysian palm oil exports fell 5.3 percent
on-month, data from the Malaysian Palm Oil Board showed.
    Demand for the tropical oil from key regions such as Europe
and China usually falls at the end of the year, as colder
weather in the northern hemisphere solidify palm oil. 
    In other related edible oils, the January soybean oil
contract on the Chicago Board of Trade rose 0.3 percent,
while the May soybean oil contract on the Dalian Commodity
Exchange was down 0.1 percent.
    The Dalian January palm olein contract was up 0.5
    Palm oil prices are impacted by movements in other edible
oils, as they compete for a share of the global vegetable oils

    Palm, soy and crude oil prices as of 0600 GMT
 Contract          Month    Last  Change     Low    High  Volume
 MY PALM OIL       JAN8     2469   +0.00    2460    2479     190
 MY PALM OIL       FEB8     2502   +5.00    2491    2504    1376
 MY PALM OIL       MAR8     2529   +8.00    2516    2531    6847
 CHINA PALM OLEIN  MAY8     5282  +22.00    5254    5298  192220
 CHINA SOYOIL      MAY8     5790   -2.00    5772    5800  176600
 CBOT SOY OIL      JAN8    33.31   +0.09   33.22   33.33    3120
 INDIA PALM OIL    DEC7   561.40   +0.50  559.40   561.6     100
 INDIA SOYOIL      DEC7    716.3   +0.20   716.3   716.3     140
 NYMEX CRUDE       FEB8    57.77   +0.21   57.65   57.77   14518
  Palm oil prices in Malaysian ringgit per tonne
  CBOT soy oil in U.S. cents per pound
  Dalian soy oil and RBD palm olein in Chinese yuan per tonne
  India soy oil in Indian rupee per 10 kg
  Crude in U.S. dollars per barrel
($1 = 4.0730 ringgit)
($1 = 64.0600 Indian rupees)
($1 = 6.5950 Chinese yuan)

 (Reporting by Emily Chow; Editing by Biju Dwarakanath)
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below